SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific
Bank, today announced the completed merger with Mission Oaks Bancorp,
the parent company of Mission Oaks National Bank. Mission Oaks Bancorp
shareholders approved the merger at a special meeting held on April 24,
2014. Under the terms of the merger agreement, Mission Oaks Bancorp will
merge with and into AltaPacific Bancorp and the operations of Mission
Oaks National Bank will be combined into AltaPacific Bank. Mission Oaks
Bancorp shareholders will receive $0.30 per share in an all-cash
transaction valued at approximately $3.5 million. After the merger with
Mission Oaks National Bank, AltaPacific Bank had total assets of
approximately $335 million.

The merger with Mission Oaks Bancorp adds two new branches to the
AltaPacific Bank franchise, which includes locations in Temecula and
Fallbrook, Calif. This is the second merger for AltaPacific Bancorp. The
company completed a merger with Covina, Calif. based Stellar Business
Bank in February 2012.

“We thank our shareholders for their continued support of our strategic
growth initiatives and the Mission Oaks Bancorp leadership for
entrusting our commitment to enhancing the foundation they have built in
the Temecula Valley,” stated Timothy J. Jorstad, Chairman of the Board.
“We intend to perpetuate our focus on developing relationships as we
seek other viable merger and acquisition partners that represent
appropriate growth and expansion opportunities for AltaPacific Bancorp.”

“We are pleased to welcome the Mission Oaks National Bank customers and
staff to AltaPacific Bank,” stated Charles O. Hall, President and Chief
Executive Officer. “The successful completion of this merger is the
result of an ongoing dedication to expand our franchise and build
long-term shareholder value. We are fortunate to have the opportunity to
enhance our southern California market with the addition of respected,
talented bankers who are established in the Temecula Valley and share
our values of maintaining operational integrity, responsive service and
delivering exceptional quality.”

“It was important to us to find a merger partner who is financially
strong, understands our market and shares our values,” stated Gary W.
Deems. Mr. Deems was President and Chief Executive Officer of Mission
Oaks National Bank and now serves as Riverside County Market President
for AltaPacific Bank. Mr. Deems continued, “AltaPacific Bank has
exceeded our expectations as a merger partner and we are confident our
customers and community will benefit from their extensive business
expertise and financial support.”

About AltaPacific Bancorp and AltaPacific Bank:

AltaPacific Bancorp is the parent company for AltaPacific Bank. The
Company’s stock trades over the counter under the symbol ABNK.
AltaPacific Bank is an independent business bank headquartered in Santa
Rosa, California and has offices in Santa Rosa, Rancho Cucamonga,
Covina, Temecula and Fallbrook California. The bank is focused on
meeting the specialized needs of small to medium-sized businesses and
professionals throughout California. The U.S. Small Business
Administration has approved the bank as a PLP lender (Preferred Lender
Program). PLP status is the highest lending designation granted by the
SBA and it is only granted to its most experienced lenders. For
additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.

Forward-Looking Statements

This press release may contain forward-looking statements about
AltaPacific Bancorp and its subsidiaries, including descriptions of
plans or objectives of its management for future operations, products or
services, and forecasts of its revenues, earnings or other measures of
economic performance. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect," "anticipate,"
"intend," "plan," "estimate," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could," or "may."Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors — many of which are beyond
AltaPacific’s control — could cause actual conditions, events or results
to differ significantly from those described in the forward-looking
statements. Factors that may cause actual results to differ materially
from those contemplated by such forward-looking statements include,
among others, the following possibilities: (1) competitive pressures
among depository and other financial institutions may increase
significantly; (2) revenues may be lower than expected; (3) changes in
the interest rate environment may reduce interest margins; (4) general
economic conditions, either nationally or regionally, may be less
favorable than expected, resulting in, among other things, a
deterioration in credit quality and/or a reduced demand for credit; (5)
legislative or regulatory changes, including changes in accounting
standards and tax laws, may adversely affect the businesses in which
AltaPacific is engaged; (6) competitors may have greater financial
resources and develop products that enable such competitors to compete
more successfully than AltaPacific; and (7) adverse changes may occur in
the securities markets or with respect to inflation.Forward-looking
statements speak only as of the date they are made.Except as
required by law, AltaPacific does not undertake to update
forward-looking statements to reflect subsequent circumstances or events.